Nigerian billionaire Aliko Dangote, Africa’s wealthiest individual with a $13.2 billion fortune, is setting up a family office in Dubai. This move aligns him with other high-net-worth individuals who have chosen the Middle East’s financial hub as a base in recent years.
Thank you for reading this post, don't forget to subscribe!Dangote, 67, known for his success in commodities such as cement and sugar, and his recent $20 billion oil refinery project—the largest in Africa—plans to use the Dubai family office to seek global investments and diversify his group’s holdings. “We’re new and we want to do it gradually,” he said, emphasizing the importance of collaborating with experienced partners.
His daughter, Halima, has relocated to Dubai to manage the firm, based out of Dangote Group’s long-held office in the city. While the bulk of Dangote’s assets are in Nigeria and Africa, he noted that his holding company is based overseas due to the naira’s significant depreciation, which has fallen more than 50% in the past year.
Dangote’s relationship with Dubai spans a decade, beginning when the emirate’s main holding company invested in his cement firm—a pioneering African investment. His move to set up in Dubai reflects the city’s growing appeal for the ultra-wealthy, thanks to its favorable tax policies, low crime rates, and strategic location.
With the United Arab Emirates, particularly Dubai and Abu Dhabi, attracting millionaires and billionaires alike, family offices in the region have surged, marking a 53% rise in registered foundations in Dubai last year alone. This trend underscores the UAE’s status as a top destination for wealth migration and investment expansion.
